By Andrea Heisinger
New York, June 18 - Agilent Technologies, Inc. priced $600 million 3.875% 10-year senior notes (Baa2/BBB+/BBB+) on Tuesday at a spread of Treasuries plus 175 basis points, according to an informed source and an FWP filing with the Securities and Exchange Commission.
Talk at midday was in the Treasuries plus 187.5 bps to 200 bps range, the source said. There was a do-not-grow provision on the size of the sale.
Pricing was at 99.544 to yield 3.93%. The notes feature a make-whole call at 30 bps over Treasuries until April 15, 2023, with a par call after that date.
There is a change-of-control put at 101%.
Bookrunners were BofA Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc.
Proceeds will be used to repay outstanding senior notes due July 15 and for general corporate purposes, including payment of costs associated with a previously announced targeted restructuring program and to repurchase common stock.
Agilent was last in the U.S. bond market with a $400 million trade of 3.2% 10-year notes priced at 155 bps over Treasuries on Sept. 10, 2012.
The bio-analytic and electronic measurement technology company is based in Santa Clara, Calif.
| Issuer: | Agilent Technologies, Inc.
|
| Issue: | Senior notes
|
| Amount: | $600 million
|
| Maturity: | July 15, 2023
|
| Bookrunners: | BofA Merrill Lynch, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc.
|
| Co-managers: | Barclays, Goldman Sachs & Co., Wells Fargo Securities LLC
|
| Coupon: | 3.875%
|
| Price: | 99.544
|
| Yield: | 3.93%
|
| Spread: | Treasuries plus 175 bps
|
| Call: | Make-whole at Treasuries plus 30 bps to April 15, 2023, par call after
|
| Change-of-control put: | 101%
|
| Trade date: | June 18
|
| Settlement date: | June 21
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
| Price talk: | 187.5 bps to 200 bps (initial)
|
| Distribution: | SEC registered
|
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